Yahoo! announced that it will lay off 5% of its work force, and the company reported its second-quarter financial figures.

CEO Carol Bartz said affected employees will learn their fates within the next two weeks.

The company posted total revenues of $1.5 billion, down 13%, and operating income of $118 million, down 78%, but Yahoo! attributed most of the operating-income drop to a first-quarter $401 million noncash gain related to its stake in Alibaba, which had an initial public offering.